Jason KumpfNCU News

Why Consumer Feedback is Essential to Businesses

With such stiff competition in the marketplace, it pays to take advantage of any information about a company's customers. Consumer data is usually available in two forms: secondary and primary research. However, primary research provides more direct information about customers' feelings, usage, and reactions to certain products. With that in mind, the following are some reasons consumer feedback is imperative to a company's success.  Identify Needs and Wants Consumer feedback allows a business to identify the needs and wants of customers. Often referred to as "hot buttons," these desires or customer necessities dictate what's most important to consumers, according to Chron.com. Subsequently, when an organization fulfills these needs and wants, they have a better chance of retaining custo

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Jason KumpfNCU News

Expanding Your Customer Base

No matter what type of business an individual starts or runs, he or she will need to expand that enterprise's customer base to succeed. The first step in growing a customer base is to offer a viable product or service that appeals to a broad enough target audience. The business owner will also need to provide those wares at fair prices. With that in mind, the following are the best ways to build a customer base. Conduct Market Research Whether a business owner does phone, internet, or in-person surveys, the objective is to determine what styles, flavors, sizes, or features customers want in certain products. The next step would be to make the necessary changes to meet those needs. Similarly, it pays to contact old customers and apprise them of changes to the product or service line. This

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